Dec 4, 2012 12:00pm EST
representative cole if we restore the clinton tax rates today than in ten years, 2022, we have the deficit where it should be. >> guest: he is certainly correct to generate a great deal more revenue. if we did that let's say they made for under $50,000 that is a 2,000-dollar tax increase and again i don't think the president wants to do that. he said he doesn't want to do that our side doesn't want to do that. you know, going back to the clinton tax rate, and remember the average american family has taken a terrific hit. the median household income for years ago when the president became the president was around $54,000 a year and is about 50 now. so this portion of the population which is gotten squeezed tremendously i don't think adding an extra tax at the 98 percent is going to, number one, be very helpful to the more helpful to the economic growth. number two it's how much you want the folks to pay? so again, freezing those tax rates with an overwhelming majority of americans is a smart thing to do, we ought to do it and both sides say they want to. >> host: and you said earlier on -- >> gue
Dec 4, 2012 5:00pm EST
president clinton to cut tax rates. many democrats opposed him then because the tax cuts were unfair, favoring the highest-income americans. to overcome that obstacle, the republicans resorted to a parliamentary technique, budget reconciliation, a maneuver that allowed for passage of their tax cuts but forced them to expire after 2010, at the end of the ten-year budget window. so we scroll forward to 2010. as 2010 ended, president obama and many democrats in congress, including myself, wanted to extend the tax cuts for middle-class families but let rates on income above $200,000 for an individual and $250,000 for a family revert to the clinton era levels. our senate republican friends filibustered that effort, refusing to allow the middle-class tax cut without a tax cut for the highest incomes as well. their hostage strategy worked that time and the president and senate democrats reluctantly agreed to extend the tax cuts for two more years. so now the two years is up and these tax rates are again set to expire. that's why senate democrats passed the middle-class tax cuts act in july.
Dec 5, 2012 5:00pm EST
president bush, president clinton, second president bush, now president obama. none of those other presidents were treated in the way this president is treated. it's something senate democrats have never done in a lame duck session, whether after a presidential or midterm election. in fact, the senate democrats allowed votes on 20 of president george w. bush's judicial nominees, including three circuit court nominees in the lame duck session after the election in 2002. i remember i was the chairman of the judiciary committee. i moved forward on those votes, including one very controversial circuit court nominee. the senate proceeded to confirm judicial nominees in lame duck sessions after the elections in 2004 and 2006. actually, in 2006, we confirmed another circuit court nominee. we proceeded to confirm 19 judicial nominees in lame duck sessions after the election of 2010, including five circuit court nominees. the reason i'm not listing confirmations for the lame duck session at the end of 2008 is because that year we proceeded to confirm the last ten judicial nominees approved